The Public Accounts Committee has advised the Ministry of Finance to enhance its oversight of the upstream petroleum sector to prevent illicit financial inflows.
The committee emphasised that while the government is actively monitoring the downstream sector, similar attention and resources must be directed toward the upstream sector to ensure comprehensive financial integrity and block illegal activities at all levels.
Chairman of the Public Accounts Committee of Parliament (PAC), Dr. James Klutse Avedzi asserted that the government needs to actively seek out expertise to address these illicit activities effectively.
He expressed concern that the petroleum sector is a significant conduit for illicit financial flows, citing a presentation which highlighted substantial financial losses due to these activities.
Dr Avedzi questioned the Ministry of Finance’s efforts to prevent illicit financial flows in the upstream sector, emphasising that it is not just the responsibility of the Ghana Revenue Authority (GRA) but also the Ministry of Finance.
He called for increased scrutiny and action to prevent financial losses and ensure transparency in the petroleum sector.
“I have a serious issue that we must consider as a country. In fact, the petroleum sector is one of the sectors where illicit financial flow takes place a lot. If we don’t have the expertise, that’s the area where we can take a lot of money from our country.
“I was trying to look at the presentation done by Dr Ali…but I’m not getting it, I wanted to quote figures that he had in his presentation, that this is the money that we are losing as a country through the petroleum sector.
“So if even the downstream we are contractors to monitor, what about the upstream? What’s the Ministry of Finance doing, not GRA alone, to ensure that illicit financial flow doesn’t flourish at the Petroleum centre, especially at the upstream.”
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